El Salvador buys the dip – picks up 500 BTC worth roughly $15.5M for reserves | CryptoSlate

CryptoSlate

El Salvador just added another 500 Bitcoin (BTC) — worth roughly $15.5 million — to its reserves after the world’s most popular cryptocurrency fell to almost $30,000 on May 9.

President Nayib Bukele announced that the country had purchased the dip in a tweet, adding another 500 Bitcoin to the government’s coffers.

How To Get Free Crypto  

El Salvador has made the largest BTC purchase since adding Bitcoin to its balance sheet in September 2021, the same month it became the first country to accept Bitcoin as legal cash alongside the US dollar.

Bitcoin has dropped more than 8% in the previous 24 hours and is approximately 55% below its all-time high in November 2021.

According to the president’s tweet, El Salvador purchased Bitcoin at an average price of $30,744.

The buy is the latest in a run of BTC purchases by President Bukele, who has staked his political future on the success of the country’s Bitcoin experiment.

The country’s choice to embrace Bitcoin is not without detractors, who have grown in number in recent months.

The International Monetary Fund (IMF) has urged El Salvador to ditch Bitcoin as legal tender in a report published in January.

Coinbase Banner  

The IMF’s report — published after bilateral talks with El Salvador — stressed that the adoption of cryptocurrency “entails large risks for financial and market integrity, financial stability, and consumer protection. It also can create contingent liabilities.”

Meanwhile, over 75% of the country’s citizens were “skeptical” of Bitcoin, according to a July 2021 survey by Disruptiva. In September 2021, seven out of 10 El Salvador citizens voted to repeal the law that made Bitcoin legal tender.

Go to Source
Author: Anthony Clarke


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.